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Citi Raises Ether Forecast, Trims Bitcoin Outlook as Investor Preferences Shift

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Citigroup has revised its year-end cryptocurrency forecasts, raising its target for ether (ETH) while slightly cutting its outlook for bitcoin (BTC), citing changing investor behaviour and macroeconomic headwinds.

The Wall Street bank said that investors are increasingly gravitating toward ether’s yield-generating features, while bitcoin continues to rely primarily on price appreciation for returns.

NEW TARGETS AND PRICE OUTLOOK

Citi set a year-end target of $133,000 for bitcoin, representing a 12% upside from its current trading price of around $118,747, as of 05:30 GMT.
For ether, the bank now expects the token to reach $4,500 by year-end — a 3% gain from its current level of $4,375.

The brokerage maintains a positive long-term view, forecasting 12-month targets of $181,000 for bitcoin and $5,440 for ether.

BITCOIN: STRONG NARRATIVE, MIXED MACRO HEADWINDS

Citi slightly reduced its bitcoin forecast due to offsetting macroeconomic factors, including a stronger U.S. dollar and weaker gold prices, which tend to reduce demand for alternative stores of value.
Still, analysts said bitcoin’s “digital gold” narrative remains robust, continuing to attract institutional and retail inflows as global interest in hard assets persists.

Citi’s base case assumes year-end inflows of roughly $7.5 billion into bitcoin, while its bull case depends on rising equity markets and stronger demand from digital asset funds.
Under its bear case, however, the bank warned that a global recession could push bitcoin prices down to $83,000.

ETHER: INSTITUTIONAL INTEREST AND STAKING GAINS

Ether’s upgraded outlook comes after a sharp summer price rally, fueled by institutional buying and ETF-related inflows. Citi analysts said ether’s potential for yield generation through staking and decentralised finance (DeFi) continues to attract capital from long-term investors.

Citi expects ether to remain supported in 2025 by strong inflows from ETFs and digital asset treasuries, which have emerged as a growing segment of crypto demand.
While ether’s downside is harder to quantify, given uncertainties around network usage and value accrual, analysts said the token benefits from a broader use case compared with bitcoin.

INVESTOR FLOWS WILL DRIVE YEAR-END PERFORMANCE

Both cryptocurrencies, Citi noted, are trading above user-activity-based metrics, highlighting the speculative component of current valuations. Sustained investor demand and macro stability will be essential to keeping prices elevated into 2026.

“Ether’s yield advantage and utility-driven narrative are drawing steady inflows,” Citi wrote, “while bitcoin continues to hold its place as digital gold — but faces short-term macro friction.”

Standard Chartered Raises Year-End Ether Forecast to $7,500

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Standard Chartered has raised its year-end target for ether to $7,500, up from $4,000, citing stronger industry engagement and increased holdings of the cryptocurrency in recent months. The new forecast represents a nearly 60% premium over ether’s recent high of $4,700.

Ether, the world’s second-largest cryptocurrency, offers staking opportunities, allowing holders to earn rewards by supporting the Ethereum network, unlike Bitcoin which relies solely on price appreciation. Ether has surged more than 50% over the past month, boosted by the passage of the Genius Act, which establishes a regulatory framework for dollar-pegged stablecoins.

Geoff Kendrick, Standard Chartered’s head of digital assets research, highlighted that growth in the stablecoin sector—projected to expand eightfold by 2028—would drive increased transaction fees on Ethereum, boosting demand for ether. The brokerage also raised its 2028 forecast for ether to $25,000 and noted that Ethereum treasury companies could hold up to 10% of circulating ether, supporting long-term growth.

Small Public Firms Turn to Ether in New Crypto Rush Despite Risks

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A growing number of smaller publicly traded companies are adding ether to their balance sheets, positioning it as both an inflation hedge and a growth asset. Corporate treasuries collectively held around 966,304 ether — worth nearly $3.5 billion — by the end of July, compared with just under 116,000 tokens at the close of 2024, according to a Reuters analysis.

Ether’s appeal lies in its dual role: it serves as a high-potential investment and as a functional asset powering the Ethereum blockchain. Unlike bitcoin, whose value depends solely on price appreciation, ether can also be staked to earn yields of about 3–4% while supporting the network. Proponents, such as Bit Digital CEO Sam Tabar, view ether as “institutional-grade” yet early enough in adoption to offer substantial upside. Others liken its role in decentralized finance to oil in the energy sector — essential infrastructure rather than just a store of value.

Investor enthusiasm has fueled sharp share price surges for companies announcing ether purchases. Peter Thiel-backed BitMine and GameSquare saw stock gains of 3,679% and 123%, respectively, after disclosing accumulation plans. However, analysts caution against overexcitement, warning that such rallies resemble the “meme stock” phenomenon.

Challenges persist, including crypto’s inherent volatility, regulatory uncertainty — especially regarding staking activities — and accounting complexities for locked tokens. Many corporate finance leaders remain wary, prioritizing liquidity and predictability over speculative gains. Staking rewards could also fall into compliance gray areas, raising questions over taxation and custodial obligations.

Despite these hurdles, some firms remain aggressive. BitMine sold a $182 million stake to ARK Invest in July, while GameSquare has hinted at further stock sales to finance ether buys. As CEO Justin Kenna put it, the approach is “opportunistic” rather than overly dilutive.